My 1st Settlement offer! Maybe?
Date: Tue, 08/21/2007 - 21:19
I spoke with one of the relentless creditors today that called me, it's for a larger debt 17K. I am about 4-5 months behind on this account. I told them I couldn’t make the payments and said I might be able to only settle, so they said they could help me with that. I offered 40% of the original balance, the lady offered me 60% and it would have to be paid in three months. Then I got disconnected!! Wouldn’t you know it, so I called back and got another rep, I told her the same thing, she said I could pay it in 4 months (funny how different reps say different things) anyway she said she could submit this but I would have to pay 40% of the total current balance due which works out to be $7350 - in four payments of $1840 each. Ok sounds good I say, I have been putting some money aside so I think this is workable, and it’s one of my larger accounts I didn’t think I would be able to work this one until later, so I think my day is looking up. Then the rep said she has to submit this for approval as it’s more than she is authorized to offer for it to be submitted she needs my checking acct number to take the 1st $1840!!! I say what? I tell her I am not giving you my checking account information or any money until I have an offer from your company in writing. She than tells me it can’t be submitted for approval without a payment - now this makes completely no sense, they want me to pay them $1840 but I don’t even know if my 40% offer will be accepted? So what if they just say sorry, you need to pay the whole 18000? We didn’t approve your settlement, so thanks for the $1840 and now we have your checking acct number.. So I tell her I think 2 or 3 times I need something in writing and she tells me she needs a payment, finally I tell her I just want to speak with a manager about this because I will not make any payments without an offer in writing.
So a manager calls me about 6 hours later when I'm not home and I miss the call, I call back and leave a message. I'll call again tomorrow and see what happens.
So - maybe I'll have my first settlement if then will send it in writing, will see.
BTW - for all of you who are looking into a debt settlement company: you may be able to do this yourself as well, so far besides the constant calling, this hasn't been to bad, I've been able to accumulate more funds by not using a Debt Settlement company and it looks like they will accept my 40% offer which is what alot of the DS companies claim they can get. All this without paying 12 - 15% for their services. At 12% I would have had to pay them almost 9K in the next 20 months, all this and I would have only had about 4K maybe enough to settle one small account so those funds could be put to much better use in my case for going to working out settlement deals!
Anyway check out my blog to see all my previous posts and how I'm doing it!
Well, keep us posted..... If they want their money bad enough, t
Well, keep us posted..... If they want their money bad enough, they'll play ball. You're doing right by not giving your account info. without something in writing. Even then, I would be leery of giving it to them. I don't see why you can't send money orders.
I wouldn't give them my account information. To me that just gi
I wouldn't give them my account information. To me that just gives them an open invitation to get money out at anytime. Wait for something in writing.
ladybug
Update
So after speaking with BoA they aren't quite ready to settle, they want to wait and see if our situation changes in the next few months, as we are looking for some part time jobs to help increase our income. The manager was actually pretty nice and said she would call me directly so I told her I would keep her updated.
But now on to the nightmare Citi card. I spoke with them to try and work out a settlement but they want 14K in the next three months! or some other $2500 payment to keep the account current then try and settle later, which would just mean 2500 down the drain instead of using it toward the settlement amount. I do have to say they are tough to work with. I'm going to post the whole experience on my blog.
I'll keep at it though!
How are your nerves during "do-it-yourself"? I am actually consi
How are your nerves during "do-it-yourself"? I am actually considering it. I am quite thick-skinned but don't want to bite off more than I can chew.
I have found that the farther behind you are on the payments, th
I have found that the farther behind you are on the payments, the easier it is to get the creditors to settle.
I was under the impression that only debt settlement companies could get a successful settlement on big debts, and that is what they try to convince consumers. I have been working with a debt settlement company for a few months and advised them that I had managed to come up with a lump sum and wanted them to start negotiations with my smaller debts. They didn't jump to do anything, and my husband demanded that I quit screwing around and dragging it out, and suggested I call one of the collection agencies who had my account and offer them a settlement. The first one I called accepted immediately, which surprised me. I called another creditor and they threw out a big number to settle. I just told them that this is the amount I have to work with. If you don't take it, I'll move on to another creditor to try and negotiate a settlement. Surprise, surprise, they accepted it and sent me a paid letter. So, it can be done, and it's a great feeling.